Topics in this article:
List of Statuses
When you head over to the Transaction screen, you'll notice a Status column.
Here are each of the statuses and how they work:
PIPELINE: Any transaction which does not have a signed date, under contract date, or settlement date and has not been marked as "lost". Pipeline transactions are transactions which are in their infancy stage, likely a "hot" client that your team has already met with but has not yet formally signed to work with you, or a client that your team expects to meet with soon
APPT SET: This will show when the only date filled out is the "1st Time Appt Set" date. Note: You should set this date to the day the appointment was made... NOT the day the appointment was made for. If you set a future date here, it will not show up in the dashboard circles until that date has occurred or passed.
APPT MET: This will show when the furthest date filled out is the "1st Time Appt Met" date.
Note: You should set this date to the day the appointment was actually held and took place. If you set a future date here, it will not show up in the dashboard circles until that date has occurred or passed.
SIGNED: A transaction with a "signed date" that has not been marked "lost" and has not yet gone under contract or closed. A signed client would be a client who has signed a listing agreement for you to list their home, or a buyer who has signed a buyer/broker agency agreement.
1ST TIME SHOWING: Much like the "1st Time Appt Set", the 1ST TIME SHOWING status is the first showing for the transaction.
1ST TIME OFFER: Much like the "1st Time Appt Set", the 1ST TIME OFFER status is the first offer for the transaction.
LIVE LISTING: You can use the MLS Live Date to add one more layer to "signed" listings to indicate listings that are actually active and listed on the MLS. This is useful for teams who do a lot of pre-listing promotion or who sign listing agreements far in advance of actually listing the home on the MLS. You can differentiate between pre-signed and MLS live listings using this report: https://my.sisu.co/reports/active-listings-and-buyers.
LISTING EXPIRED: If you have a Listing Expiration Date set and that date passes (and the listing is not under contract or closed), then the status will change to "Listing Expired".
BUYER AGREEMENT EXPIRED: If you have a Buyer Agreement Expiration Date set and that date passes (and the buyer is not under contract or closed), then the status will change to "Buyer Agreement Expired".
PENDING: A transaction with an under contract date that has not yet been marked closed or lost. These are transactions with accepted purchase agreements that are scheduled for closing.
Note: Some of the reporting in the system says "under contract", which simply means "how many clients have you PUT under contract?". When the system is referring to how many clients are CURRENTLY under contract, it will use the word "pending" instead, which means that they are currently in the under contract status.
CLOSED: Any transaction with a settlement date that is NOT in the future. This means that the transaction went to closing and you have earned/will earn commission on it. Note: you can put in a future settlement date to forecast commissions, which will reflect on reports such as https://my.sisu.co/reports/income. Note that once this date arrives, the transaction will automatically be counted as "closed". If you prefer this not to happen, use the field called "forecasted closed date" which will still include transactions in forecasting, but will NOT automatically change transactions to closed when the date arrives).
LOST: Lost means your client decided not to work with your firm anymore and therefore should be marked as lost (i.e. the entire opportunity from this client was lost). Lost does not mean your buyer client or seller client simply fell out of contract (because your client could go back under contract at a later date). If they simply had a setback and fell out of contract, but are still going to be working with you, just remove the "Under Contract Date" from the transaction.
Marking a transaction as lost when you lose a client, rather than deleting the transaction, is important because these lost transactions (i.e. completely lost clients) play a crucial role in your reporting and conversion ratios—you need to be able to see how many clients you are losing, and where you are losing them in order to improve processes.
Note: Our platform today is more designed around tracking the overall opportunity with each of your clients -- i.e. what percentage of your buyers end up purchasing with you (even if they fall out of contract along the process) or the number of listings who end up selling with you (regardless if they had to contract with multiple buyers until the listing sold.)
If you want to compare your number of closings to the number of contracts you signed, we recommend you create an activity called “Agreements Signed” or "Contracts Signed" that you manually update. With that, you could track the number of agreements you sign each month and compare it to the number of closings, so that you can get an idea of “20 agreements signed = 10 closings”, etc.
See the screenshot below which explains how to mark a transaction as Lost.
Updating a Transaction Status
Your Sisu statuses can easily be changed by selecting the desired transaction status.
To ensure that critical dates are accurately added, users will be prompted to enter the date in which the transaction entered that status. Today's date will be the defaulted date.
If transactions go back in status, (i.e., Signed back to the Pipeline) meaning that the transaction fell through but you didn't lose the customer, the user will be prompted that the prior dates will be removed and the transaction will go back to "Pipeline" status.
Lost transactions using the status selector: Selecting "Lost" as highlighted above, will immediately let your user indicate the "Lost" transaction reason.
Date driven: These statuses can be entirely driven by key dates in the system. These are the dates that are highlighted orange in the transaction form (which I can view by clicking Edit on any of my transactions).